kshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013. On Taxable Income... The Tax Rate Is... Up to $43,561 15% From $43,561 to $87,123 22% From $87,123 to $135,054 26% Over $135,054 29% ill in the following table with Akshay's marginal tax rate, total amount of taxes owed, and average tax rate for 2013. Earnings ($) Marginal Tax Rate (%) Taxes Owed ($) Average Tax Rate (%) 60,000
kshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013. On Taxable Income... The Tax Rate Is... Up to $43,561 15% From $43,561 to $87,123 22% From $87,123 to $135,054 26% Over $135,054 29% ill in the following table with Akshay's marginal tax rate, total amount of taxes owed, and average tax rate for 2013. Earnings ($) Marginal Tax Rate (%) Taxes Owed ($) Average Tax Rate (%) 60,000
Chapter3: Economic Decision Makers
Section: Chapter Questions
Problem 3.10P
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Question
Akshay is single and lives in Thunder Bay. Akshay earned $60,000 in 2013. The following table shows the federal tax rate for individuals in 2013.
NOTE:
Marginal Tax Rate options are (15, 22, 26, 29)
Taxes Owed options are (8983, 10151, 11383, 12579, 13174)
Average Tax Rate options are (15, 17, 19, 21, 22)
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